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No stay on NCLT’s nod to ArcelorMittal’s bid: NCLAT

New Delhi, March 15 : One of the key prongs for the welfare of ex-servicemen — the Army Group Insurance Fund (AGIF) — has exposure to toxic ILFS bonds amounting close to Rs 210 crore. This means that crores worth of insurance premiums, covering all ranks from generals to JCOs and jawans, are at risk of being lost.

Recently, officials of the Indian Army met the new board of the ILFS seeking a solution of this issue. There are no direct answers on who will pick up the liability.

IANS sent a questionnaire to ILFS, asking whether the AGIF had any exposure to its bonds and what was the quantum involved.

Chief Communications Officer, ILFS group, said, “Thanks for reaching out to us. We would like to decline comments on the same.”

Similarly, a questionnaire was sent to the Army PRO Lt Col Mohit Vaishnava and he was also spoken to by IANS